NEW YORK and VIENNA, Va.,
Feb. 16, 2022 /PRNewswire/
-- Kaleyra, Inc. (NYSE: KLR) (NYSE American: KLR WS)
("Kaleyra" or the "Company"), a rapidly growing cloud
communications software provider delivering a secure system of
application programming interfaces (APIs) and connectivity
solutions in the API/Communications Platform as a Service (CPaaS)
market, reported financial results for the fourth quarter and full
year ended December 31,
2021.
Full Year 2021 and Recent Operational and Financial
Highlights
- Record Full Year and Quarterly Revenue of $267.7 million and $90.0
million, respectively, representing 82% and 103% growth over
the comparable year-ago periods
- Record Full Year and Quarterly Gross Profit of
$57.5 million and $21.1 million respectively, representing 135% and
169% growth over the comparable year-ago periods
- Dollar-Based Net Expansion rate of 130% and 124% in
2021 and Q4, respectively
- Strong Balance Sheet with $97.9 million in cash and
cash equivalents, including restricted cash, and short-term
investments
- Delivered 15.1 billion billable messages and connected
1.7 billion voice calls for a global customer base of over 3,800
customers in the fourth quarter
- Uplisted to the New York Stock Exchange under the symbol
"KLR" in August 2021
- Received multiple industry recognitions and awards
- Developed and nurtured multiple partnerships
- Launched apps on Shopify and Salesforce marketplaces,
connecting the Company's CPaaS channels to a potential addressable
market of over one million users
Management Commentary
"We ended this year with another
record period of outperformance, highlighted by our first-ever
EBITDA positive quarter and a record top line result as well," said
Kaleyra Founder and Chief Executive Officer Dario Calogero. "In a chaotic macroeconomic
environment, even as the world and our partners battled the ongoing
impacts of the COVID-19 pandemic, Kaleyra has been a model of
consistency. In retrospect, this past year was a testament to the
durability of our growth strategy. We surpassed even our own
expectations with annual revenue growth of 82% and with annual
adjusted gross margin of almost 23% on revenue. Our dollar-based
net expansion rate of 130% is a key indicator of our ability to
drive long-term leverage and profitability through a predictable
growth algorithm.
"Going forward, we will continue to execute on our priority
initiatives, including making ongoing enhancements to our
omni-channel offering, focused investments in our global partner
base, and renewing our unwavering commitment to secure service for
some of the most sophisticated messaging industries. As
pre-pandemic activity levels slowly return around the world, we
anticipate that the CPaaS industry will continue to generate its
traditional 25-30% annualized growth rates, positioning Kaleyra to
grow in line with or above the industry pace. We expect that
investments in our omni-channel offering and continued commitment
to providing reliable service to our loyal partner base will allow
us to deliver on our promises and take major steps on our
continuing journey to become the leading trusted partner in the
rapidly expanding and evolving CPaaS market in 2022."
Fourth Quarter 2021 Financial Results
Results
compare the 2021 fourth quarter ended December 31, 2021 to the 2020 fourth quarter
ended December 31, 2020 unless
otherwise indicated.
- Total revenue increased 103% to $90.0 million from $44.3
million in the comparable year-ago period, exceeding the
Company's previously stated outlook. The growth during the quarter
was driven by the completed integration of the mGage and Bandyer
businesses as well as strong organic revenue growth across all
channels and a well-balanced portfolio across geographies.
- Gross profit increased 169% to $21.1 million from $7.8
million in the comparable year-ago period. This increase was
driven by an increase in revenues for the quarter that outpaced
cost increases. Gross margin for the fourth quarter of 2021
increased to 23.5% compared to 17.7% for the fourth quarter of
2020. The increase in gross margin was mainly due to the mGage and
Bandyer integrations and increased performance by Kaleyra video and
Kaleyra voice, as well as by The Campaign Registry.
- Net loss totaled $7.3
million, or $0.17 per share
based on 41.9 million weighted-average shares outstanding, compared
to a net loss of $4.5 million, or
$0.15 per share based on 29.7 million
weighted-average shares outstanding, in the comparable year-ago
period. The increase in net loss was mainly due to the amortization
of acquired intangibles and the accrued interest expense on
convertible notes.
- Adjusted gross profit, a non-GAAP measurement of
operating performance reconciled below, increased 184% to
$22.8 million from $8.0 million in the comparable year-ago period.
Adjusted gross margin for the fourth quarter of 2021 was 25.3%
compared to 18.1% in the comparable year-ago period.
- Adjusted net income, a non-GAAP measurement of operating
performance reconciled below, increased 3,056% to $3.9 million, or $0.09 per basic share and $0.08 per diluted share based on 41.9 million and
51.9 million weighted-average shares outstanding, respectively,
from $124,000, or $0.00 per both basic and diluted share based on
29.7 million and 42.8 million weighted-average shares outstanding,
respectively, in the comparable year-ago period.
- Adjusted EBITDA, a non-GAAP measurement of operating
performance reconciled below, increased 498% to $9.6 million (10.7% of total revenue) compared to
$1.6 million (3.6% of total revenue)
in the comparable year-ago period. The increase in adjusted EBITDA
was primarily due to the effects of the business combinations with
mGage and Bandyer and cost synergies between the two legacy
businesses.
- At the end of the fourth quarter, cash, and cash
equivalents, restricted cash, and short-term investments
were $97.9 million, compared to
$37.8 million as of December 31, 2020.
Full Year 2021 Financial Results
Results compare
the 2021 full year ended December 31,
2021 to the 2020 full year ended December 31, 2020 unless otherwise
indicated.
- Total revenue increased 82% to $267.7 million from $147.4
million in the comparable year-ago period, exceeding the
Company's previously stated outlook. The growth during the year was
driven by the completed integration of the mGage and Bandyer
businesses, as well as strong organic revenue growth across all
channels and a well-balanced portfolio across all geographies.
- Gross profit increased 135% to $57.5 million from $24.4
million in the comparable year-ago period. This increase was
driven by an increase in revenues for the year that outpaced cost
increases. Gross margin for the 2021 full year increased to 21.5%
compared to 16.6% for the 2020 full year. The increase in gross
margin was mainly due to the mGage and Bandyer integrations and
increased performance by Kaleyra video and Kaleyra voice, as well
as by The Campaign Registry throughout the year.
- Net loss totaled $34.0
million, or $0.92 per share
based on 37.0 million weighted-average shares outstanding, compared
to a net loss of $26.8 million, or
$1.09 per share based on 24.7 million
weighted-average shares outstanding, in the comparable year-ago
period. The increase in net loss was predominantly due to the
one-time expenses associated with the two acquisitions and the fund
raising that were executed during 2021, the amortization of
acquired intangibles and the accrued interest expense on
convertible notes.
- Adjusted gross profit, a non-GAAP measurement of
operating performance reconciled below, increased 145% to
$61.4 million from $25.1 million in the comparable year-ago period.
Adjusted gross margin for the 2021 full year was 22.9% compared to
17.0% in the comparable year-ago period.
- Adjusted net income (loss), a non-GAAP measurement of
operating performance reconciled below, increased 1,023% to an
income of $6.1 million, or
$0.16 per basic share and
$0.13 per diluted share based on 37.0
million and 48.1 million weighted-average shares outstanding,
respectively, from a loss of $656,000, or $0.03
per basic and diluted share based on 24.7 million weighted-average
shares outstanding in the comparable year-ago period. Adjusted
EBITDA, a non-GAAP measurement of operating performance
reconciled below, increased 479% to $18.6
million (7.0% of total revenue) compared to $3.2 million (2.2% of total revenue) in the
comparable year-ago period. The increase in Adjusted EBITDA was
primarily due to the impact of the business combinations with mGage
and Bandyer and cost synergies between the two legacy
businesses.
2022 Financial Outlook
Kaleyra's outlook takes into
consideration the integration of acquired businesses into the
Company as well as continued monitoring of the impact of the
COVID-19 pandemic. Kaleyra remains confident in its growth strategy
and ability to capture its multinational market opportunity. As a
result of the Company's strong performance in the fourth quarter,
the Company is introducing financial projections for the first
quarter and full year 2022 as follows:
- First Quarter 2022: Total revenue is expected to be in
the range of $84 – $86 million.
- Full Year 2022: Total revenue is expected to be in the
range of $400 – $405 million.
Conference Call
Kaleyra will hold a conference call
today, Wednesday, February 16, 2022
at 4:30 p.m. Eastern time
(1:30 p.m. Pacific time) to discuss
these results. A question and answer session will follow
management's presentation.
U.S. dial-in: 877-407-0792
International dial-in: 201-689-8263
Please call the conference telephone number 10 minutes prior to
the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at
949-574-3860.
The conference call will be broadcast live and available for
replay here and via the Investor Relations section of Kaleyra's
website.
A telephonic replay of the conference call will be available
after 7:30 p.m. Eastern time on the
same day through February 23,
2022.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13726895
About Kaleyra
Kaleyra, Inc. (NYSE: KLR) (NYSE
American: KLR WS) is a global group providing mobile communication
services to financial institutions, e-commerce players, OTTs,
software companies, logistic enablers, healthcare providers,
retailers, and other large organizations worldwide.
Kaleyra today has a customer base of 3800+ companies spread
around the world. Through its proprietary platform and robust APIs,
Kaleyra manages multi-channel integrated communication services,
consisting of messaging, rich messaging and instant messaging,
video, push notifications, e-mail, voice services, and
chatbots.
Kaleyra's technology makes it possible to safely and securely
manage billions of messages monthly with over 1,800 operator
connections in 190+ countries, including all tier-1 US
carriers.
Non-GAAP Financial Measures and Related
Information
To provide investors and others with
additional information regarding Kaleyra's results, the following
non-GAAP financial measures, not prepared in accordance with
accounting principles generally accepted in the United States ("GAAP"), are
disclosed:
- Non-GAAP Adjusted Gross Profit and Non-GAAP Adjusted Gross
Margin. For the periods presented, Kaleyra defines non-GAAP gross
profit and non-GAAP gross margin as GAAP gross profit and GAAP
gross margin, respectively, adjusted to exclude, as applicable,
certain expenses as presented in the table below;
- Non-GAAP Adjusted EBITDA is defined as of any date of
calculation, as the consolidated earnings/(loss) of Kaleyra and its
subsidiaries, before finance income and finance cost (including
bank charges), tax, depreciation and amortization, plus (i)
transaction expenses, (ii) without duplication of clause (i),
severance or change of control payments, (iii) any expenses related
to company restructuring, (iv) the Adjusted EBITDA for
pre-acquisition period of subsidiaries, (v) any compensation
expenses relating to stock options, restricted stock units,
restricted stock or similar equity interests as may be issued by
Kaleyra or any of its subsidiaries to its or their employees and
(vi) any provision for the write down of assets;
- Non-GAAP Adjusted Net Income (Loss) Per Share, Basic and
Diluted. For the periods presented, Kaleyra defines non-GAAP net
income (loss) and non-GAAP net income (loss) per share, basic and
diluted, as GAAP net loss and GAAP net loss per share, basic and
diluted, respectively, adjusted to exclude, as applicable, certain
expenses presented in the table below.
Management uses the foregoing non-GAAP financial information,
collectively, to evaluate its ongoing operations and for internal
planning and forecasting purposes. Kaleyra's management believes
that non-GAAP financial information, when taken collectively, may
be helpful to investors because it provides consistency and
comparability with past financial performance, facilitates
period-to-period comparisons of results of operations, and assists
in comparisons with other companies, many of which use similar
non-GAAP financial information to supplement their GAAP results.
Non-GAAP financial information is presented for supplemental
informational purposes only, should not be considered a substitute
for financial information presented in accordance with GAAP, and
may be different from similarly-titled non-GAAP measures used by
other companies. Whenever Kaleyra uses a non-GAAP financial
measure, a reconciliation is provided to the most closely
applicable financial measure stated in accordance with GAAP.
Investors are encouraged to review the related GAAP financial
measures and the reconciliation of these non-GAAP financial
measures to their most directly comparable GAAP financial
measures.
Operating Metrics
Dollar-Based Net Expansion Rate. Kaleyra's ability to drive
growth and generate incremental revenue depends, in part, on the
Company's ability to maintain and grow its relationships with
Active Existing Customer Accounts and to increase their use of the
platform. An important way in which Kaleyra has historically
tracked performance in this area is by measuring the Dollar-Based
Net Expansion Rate for those customer accounts. Kaleyra's
Dollar-Based Net Expansion Rate increases when such customer
accounts increase their usage of a product, extend their usage of a
product to new applications or adopt a new product. Kaleyra's
Dollar-Based Net Expansion Rate decreases when such customer
accounts cease or reduce their usage of a product or when the
Company lowers usage prices on a product. Kaleyra believes that
measuring Dollar-Based Net Expansion Rate provides a more
meaningful indication of the performance of the Company's efforts
to increase revenue from existing customers. As a result of the
introduction of Dollar-Based Net Expansion Rate disclosure by
Kaleyra in the SEC filing, press release and presentation for the
three months ended December 31, 2021,
no comparable period is provided prior to that date. To calculate
the Dollar-Based Net Expansion Rate, the Company first identifies
the cohort of customer accounts that were customer accounts in the
same quarter of the prior year. The Dollar-Based Net Expansion Rate
is the quotient obtained by dividing the revenue generated from
that cohort in a quarter, by the revenue generated from that same
cohort in the corresponding quarter in the prior year.
Active Existing Customer Accounts. Kaleyra believes that the
number of Active Customer Accounts is an important indicator of the
growth of its business, the market acceptance of its platform and
future revenue trends. Kaleyra defines an Active Customer Account
at the end of any reporting period as an individual account, as
identified by a unique account identifier, for which Kaleyra has
recognized revenue in the period.
Important Cautions Regarding Forward-Looking
Statements
This press release contains
forward-looking statements within the meaning of U.S. federal
securities laws. Such forward-looking statements include, but are
not limited to, statements regarding the financial statements of
Kaleyra, its omnichannel and other product and global customer
developments, its expectations, hopes, beliefs, intentions, plans,
prospects or strategies regarding the future revenues and the
business plans of Kaleyra's management team, and the impact of the
COVID-19 pandemic, and any anticipated lessening of such impact, on
its business and financial performance. Any statements contained
herein that are not statements of historical fact may be deemed to
be forward-looking statements. In addition, any statements that
refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements contained in this press release are
based on certain assumptions and analyses made by the management of
Kaleyra in light of their respective experience and perception of
historical trends, current conditions and expected future
developments and their potential effects on Kaleyra as well as
other factors they believe are appropriate in the circumstances.
There can be no assurance that future developments affecting
Kaleyra will be those anticipated. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
the control of the parties) or other assumptions that may cause
actual results or performance to be materially different from those
expressed or implied by these forward-looking statements, including
the mix of services utilized by Kaleyra's customers and such
customers' needs for these services, including any variability by
geography, market acceptance of new service offerings, the ability
of Kaleyra to expand what it does for existing customers as well as
to add new customers, that Kaleyra will have sufficient capital to
operate as anticipated, and the impact that the novel coronavirus
and the illness, COVID-19, that it causes, as well as governmental
responses to deal with the spread of this illness and the reopening
of economies that have been closed as part of these responses, may
have on Kaleyra's operations, the demand for Kaleyra's products,
global supply chains and economic activity in general. Should one
or more of these risks or uncertainties materialize or should any
of the assumptions being made prove incorrect, actual results may
vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
Investor Contact:
Tom
Colton or Matt Glover
Gateway Investor Relations
949-574-3860
KLR@gatewayir.com
KALEYRA,
INC.
|
Consolidated
Balance Sheets
|
(Unaudited, in
thousands)
|
|
|
|
Year Ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
90,001
|
|
|
$
|
32,970
|
|
Restricted
cash
|
|
|
1,701
|
|
|
|
—
|
|
Short-term
investments
|
|
|
6,236
|
|
|
|
4,843
|
|
Trade receivables,
net
|
|
|
85,945
|
|
|
|
43,651
|
|
Deferred
cost
|
|
|
341
|
|
|
|
—
|
|
Prepaid
expenses
|
|
|
5,357
|
|
|
|
1,447
|
|
Other current
assets
|
|
|
2,599
|
|
|
|
2,134
|
|
Total current
assets
|
|
|
192,180
|
|
|
|
85,045
|
|
Property and
equipment, net
|
|
|
18,811
|
|
|
|
6,726
|
|
Intangible assets,
net
|
|
|
125,396
|
|
|
|
7,574
|
|
Goodwill
|
|
|
110,465
|
|
|
|
16,657
|
|
Deferred tax
assets
|
|
|
1,230
|
|
|
|
703
|
|
Other long-term
assets
|
|
|
399
|
|
|
|
1,797
|
|
Total
Assets
|
|
$
|
448,481
|
|
|
$
|
118,502
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
70,942
|
|
|
$
|
51,768
|
|
Debt for forward share
purchase agreements
|
|
|
—
|
|
|
|
483
|
|
Notes payable due to
related parties
|
|
|
—
|
|
|
|
7,500
|
|
Lines of
credit
|
|
|
5,256
|
|
|
|
5,273
|
|
Current portion of
bank and other borrowings
|
|
|
10,508
|
|
|
|
10,798
|
|
Deferred
revenue
|
|
|
9,553
|
|
|
|
3,666
|
|
Payroll and payroll
related accrued liabilities
|
|
|
6,907
|
|
|
|
3,292
|
|
Other current
liabilities
|
|
|
8,274
|
|
|
|
5,988
|
|
Total current
liabilities
|
|
|
111,440
|
|
|
|
88,768
|
|
Long-term portion of
bank and other borrowings
|
|
|
22,910
|
|
|
|
31,974
|
|
Long-term portion of
notes payable
|
|
|
190,147
|
|
|
|
2,700
|
|
Long-term portion of
employee benefit obligation
|
|
|
2,338
|
|
|
|
1,886
|
|
Deferred tax
liabilities
|
|
|
2,384
|
|
|
|
—
|
|
Other long-term
liabilities
|
|
|
1,840
|
|
|
|
603
|
|
Total
Liabilities
|
|
|
331,059
|
|
|
|
125,931
|
|
Stockholders' equity
(deficit):
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
4
|
|
|
|
3
|
|
Additional paid-in
capital
|
|
|
251,659
|
|
|
|
93,628
|
|
Treasury stock, at
cost
|
|
|
(30,431)
|
|
|
|
(30,431)
|
|
Accumulated other
comprehensive loss
|
|
|
(2,010)
|
|
|
|
(2,826)
|
|
Accumulated
deficit
|
|
|
(101,800)
|
|
|
|
(67,803)
|
|
Total stockholders'
equity (deficit)
|
|
|
117,422
|
|
|
|
(7,429)
|
|
Total liabilities and
stockholders' equity (deficit)
|
|
$
|
448,481
|
|
|
$
|
118,502
|
|
KALEYRA,
INC.
|
Consolidated
Statements of Operations
|
(Unaudited, in
thousands, except share and per share data)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenue
|
|
$
|
90,008
|
|
$
|
44,268
|
|
$
|
267,739
|
|
$
|
147,368
|
|
Cost of
revenue
|
|
|
68,895
|
|
|
36,421
|
|
|
210,228
|
|
|
122,932
|
|
Gross
profit
|
|
|
21,113
|
|
|
7,847
|
|
|
57,511
|
|
|
24,436
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
4,143
|
|
|
2,330
|
|
|
18,456
|
|
|
9,745
|
|
Sales and
marketing
|
|
|
6,286
|
|
|
2,711
|
|
|
21,077
|
|
|
12,866
|
|
General and
administrative
|
|
|
15,360
|
|
|
7,458
|
|
|
50,957
|
|
|
28,195
|
|
Total operating
expenses
|
|
|
25,789
|
|
|
12,499
|
|
|
90,490
|
|
|
50,806
|
|
Loss from
operations
|
|
|
(4,676)
|
|
|
(4,652)
|
|
|
(32,979)
|
|
|
(26,370)
|
|
Other income,
net
|
|
|
27
|
|
|
21
|
|
|
185
|
|
|
112
|
|
Financial expense,
net
|
|
|
(3,626)
|
|
|
(448)
|
|
|
(8,795)
|
|
|
(1,475)
|
|
Foreign currency
loss
|
|
|
(99)
|
|
|
(558)
|
|
|
(97)
|
|
|
(1,353)
|
|
Loss before income
tax benefit
|
|
|
(8,374)
|
|
|
(5,637)
|
|
|
(41,686)
|
|
|
(29,086)
|
|
Income tax
benefit
|
|
|
(1,081)
|
|
|
(1,111)
|
|
|
(7,689)
|
|
|
(2,276)
|
|
Net loss
|
|
$
|
(7,293)
|
|
$
|
(4,526)
|
|
$
|
(33,997)
|
|
$
|
(26,810)
|
|
Net loss per common
share, basic and diluted
|
|
|
(0.17)
|
|
|
(0.15)
|
|
$
|
(0.92)
|
|
$
|
(1.09)
|
|
Weighted-average
shares used in computing net loss per common share, basic and
diluted
|
|
|
41,914,099
|
|
|
29,690,742
|
|
|
37,031,698
|
|
|
24,652,004
|
|
KALEYRA,
INC.
|
Consolidated
Statements of Cash Flows
|
(Unaudited, in
thousands)
|
|
|
|
Year Ended
December 31,
|
|
|
|
2021
|
|
2020
|
|
Cash flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(33,997)
|
|
$
|
(26,810)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
15,004
|
|
|
2,773
|
|
Stock-based
compensation, preference shares and others
|
|
|
19,991
|
|
|
19,415
|
|
Non-cash settlement of
preference share liability
|
|
|
—
|
|
|
(2,486)
|
|
Provision for
(recovery of) doubtful accounts
|
|
|
1,155
|
|
|
(177)
|
|
Realized gains on
marketable securities
|
|
|
30
|
|
|
(10)
|
|
Employee benefit
obligation
|
|
|
537
|
|
|
527
|
|
Change in fair value
of warrant liability
|
|
|
546
|
|
|
—
|
|
Reversal of accrued
interest on forward share purchase agreement
|
|
|
(659)
|
|
|
—
|
|
Non-cash interest
expense
|
|
|
1,254
|
|
|
191
|
|
Deferred
taxes
|
|
|
(8,255)
|
|
|
(2,747)
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
(16,879)
|
|
|
(478)
|
|
Other current
assets
|
|
|
(2,396)
|
|
|
1,197
|
|
Deferred
cost
|
|
|
76
|
|
|
—
|
|
Other long-term
assets
|
|
|
1,416
|
|
|
(497)
|
|
Accounts
payable
|
|
|
1,908
|
|
|
(11,832)
|
|
Other current
liabilities
|
|
|
2,338
|
|
|
6,892
|
|
Deferred
revenue
|
|
|
5,609
|
|
|
2,219
|
|
Long-term
liabilities
|
|
|
390
|
|
|
(499)
|
|
Net cash used in
operating activities
|
|
|
(11,932)
|
|
|
(12,322)
|
|
Cash flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchase of short-term
investments
|
|
|
(52,224)
|
|
|
(7,913)
|
|
Sale of short-term
investments
|
|
|
50,741
|
|
|
8,156
|
|
Purchase of property
and equipment
|
|
|
(1,857)
|
|
|
(414)
|
|
Sale of property and
equipment
|
|
|
—
|
|
|
16
|
|
Capitalized software
development costs
|
|
|
(5,226)
|
|
|
(3,007)
|
|
Purchase of intangible
assets
|
|
|
(31)
|
|
|
(6)
|
|
Acquisition of mGage,
net of cash acquired
|
|
|
(195,346)
|
|
|
—
|
|
Acquisition of
Bandyer, net of cash acquired
|
|
|
(13,304)
|
|
|
—
|
|
Net cash used in
investing activities
|
|
|
(217,247)
|
|
|
(3,168)
|
|
Cash flows from
Financing Activities:
|
|
|
|
|
|
|
|
Proceeds from line of
credit, net
|
|
|
327
|
|
|
1,277
|
|
Borrowings on term
loans
|
|
|
1,268
|
|
|
24,436
|
|
Repayments on term
loans
|
|
|
(7,728)
|
|
|
(8,651)
|
|
Proceeds from issuance
of convertible notes, net of issuance costs
|
|
|
188,637
|
|
|
—
|
|
Repayments on
notes
|
|
|
(7,500)
|
|
|
(11,478)
|
|
Repurchase of common
stock in connection with forward share purchase
agreements
|
|
|
—
|
|
|
(30,431)
|
|
Payments related to
forward share purchase agreements
|
|
|
17,045
|
|
|
(1,452)
|
|
Proceeds from issuance
of common stock in Private Investment in Public Equity offering
(PIPE), net of issuance costs
|
|
|
99,051
|
|
|
—
|
|
Proceeds from issuance
of stock in public offering, net of issuance costs
|
|
|
—
|
|
|
36,152
|
|
Proceeds related to
settlement of non-forfeited 2020 Sponsor Earnout Shares
|
|
|
1,244
|
|
|
—
|
|
Proceeds from exercise
of common stock warrants
|
|
|
2,873
|
|
|
—
|
|
Repurchase of
warrants
|
|
|
(5,474)
|
|
|
—
|
|
Repayments on capital
lease
|
|
|
(138)
|
|
|
(126)
|
|
Net cash provided by
financing activities
|
|
|
289,605
|
|
|
9,727
|
|
Effect of exchange
rate changes on cash, cash equivalent and restricted
cash
|
|
|
(1,694)
|
|
|
1,736
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
|
|
58,732
|
|
|
(4,027)
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
|
|
32,970
|
|
|
36,997
|
|
Cash, cash
equivalents and restricted cash, end of period
|
|
$
|
91,702
|
|
$
|
32,970
|
|
KALEYRA,
Inc.
|
Adjusted Gross
Profit and Adjusted Gross Margin Reconciliation of GAAP to Non-GAAP
Financial Information
|
For the Three
Months and the Year Ended December 31, 2021 and 2020
|
(Unaudited, in
thousands)
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
Adjusted Gross
Profit and adjusted Gross Margin
|
|
|
2021
|
2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Gross
Profit
|
|
|
$
|
21,113
|
$
|
7,847
|
|
$
|
57,511
|
$
|
24,436
|
Consolidated Gross
Profit Margin %
|
|
|
|
23.5%
|
|
17.7%
|
|
|
21.5%
|
|
16.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
|
|
|
1,651
|
|
159
|
|
|
3,845
|
|
633
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross
Profit
|
|
|
$
|
22,764
|
$
|
8,006
|
|
$
|
61,356
|
$
|
25,069
|
Non-GAAP Gross
Profit Margin %
|
|
|
|
25.3%
|
|
18.1%
|
|
|
22.9%
|
|
17.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
KALEYRA,
Inc.
|
Adjusted EBITDA
Reconciliation of GAAP to Non-GAAP Financial
Information
|
For the Three
Months and the Year Ended December 31, 2021 and 2020
|
(Unaudited, in
thousands)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
Adjusted
EBITDA
|
2021
|
2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(7,293)
|
$
|
(4,527)
|
|
$
|
(33,997)
|
$
|
(26,811)
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
(27)
|
|
(21)
|
|
|
(185)
|
|
(112)
|
Financial expense,
net
|
|
3,626
|
|
448
|
|
|
8,795
|
|
1,475
|
Foreign currency
loss
|
|
99
|
|
558
|
|
|
97
|
|
1,353
|
Income tax
benefit
|
|
(1,081)
|
|
(1,110)
|
|
|
(7,689)
|
|
(2,275)
|
Loss from
operations
|
$
|
(4,676)
|
$
|
(4,652)
|
|
$
|
(32,979)
|
$
|
(26,370)
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
6,027
|
|
865
|
|
|
15,003
|
|
2,772
|
Stock-based
compensation, preference shares and others
|
|
7,111
|
|
3,975
|
|
|
25,611
|
|
20,292
|
Transaction and
one-off costs
|
|
779
|
|
1,419
|
|
|
10,637
|
|
6,524
|
Company
restructuring
|
|
365
|
|
-
|
|
|
365
|
|
-
|
Non-GAAP Adjusted
EBITDA
|
$
|
9,606
|
$
|
1,607
|
|
$
|
18,637
|
$
|
3,218
|
KALEYRA,
Inc.
|
Adjusted Net
Income (Loss) per share Reconciliation of GAAP to Non-GAAP
Financial Information
|
For the Three
Months and the Year Ended December 31, 2021 and 2020
|
(Unaudited, in
thousands except share and per share data)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
Adjusted Net
Income (Loss) per share
|
2021
|
2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
$
|
(7,293)
|
$
|
(4,527)
|
|
$
|
(33,997)
|
$
|
(26,811)
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation, preference shares and others
|
|
7,111
|
|
3,975
|
|
|
25,611
|
|
20,292
|
Transaction and
one-off costs
|
|
779
|
|
1,419
|
|
|
10,637
|
|
6,524
|
Amortization of
acquired intangibles
|
|
4,478
|
|
399
|
|
|
10,836
|
|
1,618
|
Amortization of debt
discount and issuance costs for convertible debt
|
|
500
|
|
-
|
|
|
1,105
|
|
-
|
Estimated tax effects
of adjustments (1)
|
|
(1,661)
|
|
(1,142)
|
|
|
(1,549)
|
|
(2,279)
|
Net tax benefits
related to discrete tax items
|
|
-
|
|
-
|
|
|
(6,586)
|
|
-
|
Non-GAAP Net
Income (Loss)
|
$
|
3,914
|
$
|
124
|
|
$
|
6,057
|
$
|
(656)
|
|
|
|
|
|
|
|
|
|
|
Net Loss per
share
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.17)
|
$
|
(0.15)
|
|
$
|
(0.92)
|
$
|
(1.09)
|
Diluted
|
$
|
(0.17)
|
$
|
(0.15)
|
|
$
|
(0.92)
|
$
|
(1.09)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
Net Income (Loss) per share
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.09
|
$
|
0.00
|
|
$
|
0.16
|
$
|
(0.03)
|
Diluted
|
$
|
0.08
|
$
|
0.00
|
|
$
|
0.13
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
number of Shares Outstanding (basic)
|
41,914,099
|
29,690,742
|
|
37,031,698
|
24,652,004
|
Weighted Average
number of Shares Outstanding (diluted)
|
51,943,454
|
42,761,247
|
|
48,085,571
|
24,652,004
|
|
(1) The Non-GAAP
estimated tax effects of adjustments are determined using the
Effective Tax Rate (ETR) calculated for the periods, excluding
discrete tax items.
|
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SOURCE Kaleyra